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It is true that if you own an asset jointly with rights of survivorship in Alaska, the joint tenant will automatically retain ownership of the property when you pass away. The assets held in joint tenancy will avoid probate when the first person passes.
If you have no living parents or descendants, your spouse will inherit all of your intestate property. If you have living parents but no descendants, your spouse will inherit the first $200,000 of your intestate property. They will also inherit 3/4 of any remaining intestate property.
In Alaska, spouses can agree in writing to hold property as community property with the right of survivorship. Property subject to the agreement automatically passes to the survivor when one spouse dies.
In Alaska, tenancy by the entirety is allowed for real estate only. Community property with right of survivorship. In Alaska, spouses can agree in writing to hold property as community property with the right of survivorship. Property subject to the agreement automatically passes to the survivor when one spouse dies.
The surviving spouse receives the Homestead Allowance, Family Allowance and Exempt Property in addition to the elective share. A surviving spouse may also be entitled to an additional $50,000 in certain situations. Calculating the exact amount of the elective share is very complicated.
Surviving Spouse and Children Only surviving spouse: If the deceased had no surviving children, their surviving spouse receives the entirety of the estate's value. Only surviving children: If there is no surviving spouse, then any surviving children will receive the entirety of the estate's value.
Even if the person who died made a will that disinherited the spouse or children, the Personal Representative needs to pay the allowances and exempt property out of the estate.
Bear in mind also that a will that leaves assets to 'my children' or to 'my brothers and sisters' does not include stepchildren and stepsiblings. If you are living in a stepfamily, it is therefore vital you make a will that ensures that on death your assets go to the people who are important to you.